摘要
以农业供给侧结构性改革为背景,运用有调节的链式多重中介效应模型实证检验了政府补贴对企业债务融资能力的影响作用和传导机制,以及农业企业和非农业企业之间的差异。研究结果表明:政府补贴对债务融资能力有显著的促进作用;进一步分析,行业异质性显著调节政府补贴对债务融资能力的传导机制链条,相比于非农业企业,农业企业获取债务融资更依赖多重链式传导机制。这意味着,在农业供给侧结构性改革背景下,农业企业可以通过合理的财务政策选择来提高自身的债务融资能力。
Taking agricultural supply-side structural reform as the background,the adjusted chain multiple mediation effect model was used to empirically test the influence and transmission mechanism of government subsidies on enterprises'debt financing capacity,as well as the differences between agricultural enterprises and non-agricultural enterprises.The results show that government subsidies have a significant effect on debt financing capacity.Further analysis,industry heterogeneity significantly regulates the transmission mechanism chain of government subsidies to debt financing capacity,and agricultural enterprises rely more on multiple chain transmission mechanisms to obtain debt financing than non-agricultural enterprises.This means that under the background of agricultural supply-side structural reform,agricultural enterprises can improve their debt financing capacity through reasonable financial policy choices.
作者
张忠俊
徐立鹏
ZHANG Zhongjun;XU Lipeng(School of Finance,Xinjiang University of Finance and Economics,Urumqi,Xinjiang 830000)
出处
《管理现代化》
北大核心
2023年第5期18-25,共8页
Modernization of Management
基金
国家社会科学基金“供给侧改革背景下农业企业的政府补贴盈余质量与融资能力联动机制研究”(19XJY012)。
关键词
政府补贴
盈余管理
会计稳健性
债务融资
Government subsidies
Earnings management
Accounting soundness
Debt financing
